Revolut receives UAE approval for crypto services
Dubai regulator grants in-principle approval for virtual asset services
1Revolut's UAE Expansion
London-based fintech firm Revolut has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) to offer crypto asset services in the UAE. This approval paves the way for the company to provide broker-dealer, management and investment, and exchange services.
2Service Scope
UAE users will be able to buy, sell and hold digital assets through Revolut's app and Revolut X exchange. The company describes this step as 'laying the foundation to introduce trusted virtual asset services in a regulated environment'.
3Regulatory Process
The VARA approval follows Revolut obtaining a UK banking license in March. The company also has pending applications for a US banking charter and licensing in Peru, as part of its global expansion strategy.
4Other Players in UAE Market
VARA has currently licensed 51 companies to offer crypto services in the UAE, while granting in-principle approval to 22 others. In May, crypto exchange Kraken's parent company Payward received similar preliminary approval.
5USDT Delisting in Europe
Revolut will delist Tether USDt (USDT) stablecoin from the European Economic Area and Switzerland starting August. This decision follows risk assessments under the EU's MiCA regulatory framework.
6Regulatory Trends in Crypto
Revolut's UAE approval reflects the growing regulatory trend in the global crypto sector. Companies adapting to legal frameworks while expanding represents a crucial part of the industry's maturation process.